Ripple is a company that has a long reputation in the financial technology world. The company owns ripple (XRP), a cryptocurrency that is doing well in the market. Ripple also has an established payment system and RippleNet will use the available infrastructure to ensure that international payments are fast, secure and less costly. The company says that the payment system will provide many benefits which include automation of services.
There are already projected statistics that show that there is a ready market for such a service. Most of the developing markets would benefit from a fast service that allows the transfer of small payments internationally. China, Brazil, and India will, for instance, account for the largest share of small international payment remittances. Experts forecast that this market of payments will grow by over 3%.
Ripple's innovation has been crucial for various areas of the financial technology world. The company already boasts of a formidable payment service that traverses the global. Its ability to network with financial institutions has put it as the lead in the industry. As Ripple claims, its technology has made it possible for entities to enjoy a fast, seamless service that boosts business and provides security.
There have been concerns in the industry, however. Some pundits have claimed that Ripple has essentially taken the role of a centralized institution since it acts as a bank. The company has nevertheless defended itself by saying that even though it was bound to gain profits from transactions, the core of its system remains to be decentralized. The company argues that the XRP Ledger is still a decentralized system that relies on consensus.
The footprint of Ripple is unquestionable. The company has products like xRapid and xCurrent as well as its latest entrant - RippleNet. The company's XRP Ledger is also built in accordance with blockchain principles that are accepted in the market. Ultimately, the company has the majority ownership of these tokens either directly or indirectly. The entry or exit of the tokens on the market would thus affect the price.